Global producer of glass fiber reinforcements, Owens Corning (OC - Snapshot Report), has partnered with New York State Energy Research and Development Authority (NYSERDA) and retail electricity and natural gas supplier, Constellation, to generate renewable energy in Delmar, NY.
The trio recently announced the completion of a 2.7 megawatt solar power plant which will supply almost 6% of the yearly energy requirement of Owens Corning’s thermal and acoustical insulation plant. The plant spreads across 9 acres and operates with the help of 9,000 ground-mounted, photovoltaic panels.
Owens Corning has entered into a 20-year purchase agreement with Constellation which owns and maintains the power plant. The power system is expected to generate 3.3 million kilowatt-hours of renewable electricity per year, reducing carbon dioxide emission by 2,339 metric tons, equivalent to emissions from 487 passenger vehicles annually in New York City.
We are encouraged by the solar power generation initiative of Owens. Apart from creating jobs and protecting the environment, these solar projects have also enabled businesses to save costs by lowering energy bills.
Further, with the completion of the solar installation system, Owens has gone a step ahead in its 2020 Environment Footprint Goal. Owens had embarked on a footprint reduction goals in 2010 through 2020. Under this program, Owens aims to achieve zero waste-to-landfill and significantly reduce energy use, greenhouse gas emission and water consumption by 2020. We, thus, remain confident that Owens will continue to grow its solar energy program in the U.S. and around the world.
Owens Corning, which produces residential and commercial building materials, glass-fiber reinforcements and engineered materials for composite systems, is slowly gaining momentum from improving new home demand.
Other Stocks to Consider
Currently Owens carries a Zacks Rank #4 (Sell). Other stocks in the construction sector worth considering are USG Corp. (USG - Snapshot Report), Armstrong World Industries Inc. (AWI - Analyst Report) and Masco Corporation (MAS - Analyst Report). While USG holds a Zacks Rank #1 (Strong Sell), Armstrong and Masco carry a Zacks Rank #2 (Buy).